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  TL;DR Breakdown Fenwick & West LLP faces class-action lawsuit over alleged involvement in FTX’s multi-billion-dollar scandal. The law firm is accused of creating “shadowy entities” to divert FTX customer funds. FTX collapsed in November 2022, unable to handle massive customer withdrawals. Description Dark clouds gather over Fenwick & West LLP, formerly FTX’s primary counsel, as they find themselves in the eye of a stormy class-action lawsuit. This tumultuous legal action alleges that the law firm played a role in the crypto exchange’s supposed multi-billion-dollar scandal. Fenwick & West LLP’s suspicious entanglement FTX customers have rallied to file … Read more Dark clouds gather over Fenwick & West LLP, formerly FTX’s primary counsel, as they find themselves in the eye of a stormy class-action lawsuit. This tumultuous legal action alleges that the law firm played a role in the crypto exchange’s supposed multi-billion-dollar scandal. Fenwick & West LLP’s suspicious entanglement FTX customers have rallied to file a suit in California’s District Court, aiming their criticism at the law firm’s questionable involvement in FTX’s business maneuvers. They accuse Fenwick & West LLP…

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• BlackRock is warning U.S. of impending recession – Reasons

  TL;DR Breakdown BlackRock and Amundi, two major asset managers, express concerns about an impending U.S. recession. Despite optimism, there are visible vulnerabilities in the economy, especially in the labor market. Unemployment rose to 3.8% in August, signaling potential economic decline. Description When the investment titans speak, it’s time for the rest of us to listen. BlackRock, the world’s behemoth of asset management, is sounding the alarm bell, signaling caution and concerns about the future health of the U.S. economy. It’s not just an arbitrary worry; there’s a storm brewing on the horizon, and the word ‘recession’ … Read more When the investment titans speak, it’s time for the rest of us to listen. BlackRock, the world’s behemoth of asset management, is sounding the alarm bell, signaling caution and concerns about the future health of the U.S. economy. It’s not just an arbitrary worry; there’s a storm brewing on the horizon, and the word ‘recession’ is whispering through the financial wind. Signs of a Crumbling Economy While most of us might have been lulled into a false sense of security, thinking…

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• Bank of England’s inflation strategy shatters public trust

  TL;DR Breakdown The Bank of England faces a historic low in public trust due to dissatisfaction with its inflation-handling strategy. Despite a dip in inflation rates, the public’s faith has not rebounded, hinting at a potential credibility crisis for the bank. Mixed messages from the bank and perceived policy missteps during the pandemic have further exacerbated public unease. Description The Bank of England, long a beacon of monetary stability, finds itself on shaky ground. A precipitous dip in public trust showcases widespread disapproval of the bank’s handling of inflation, an economic monster that continues to threaten the pocketbooks of countless Britons. Public Discontent Reaches Unprecedented Levels Recent data paints a bleak picture of the … Read more The Bank of England, long a beacon of monetary stability, finds itself on shaky ground. A precipitous dip in public trust showcases widespread disapproval of the bank’s handling of inflation, an economic monster that continues to threaten the pocketbooks of countless Britons. Public Discontent Reaches Unprecedented Levels Recent data paints a bleak picture of the British public’s confidence in the Bank of England’s…

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• Jimbos protocol offers deal to attacker following exploit

  TL;DR Breakdown Jimbos protocol has offered a deal to the attacker that stole $7.5 million from its platform. The platform is working with security agencies to fish out the attacker. In a recent incident, the team behind the decentralized finance (DeFi) application Jimbos Protocol has taken a unique approach to deal with an exploiter who drained $7.5 million from its treasury-owned liquidity pool. The team has offered the attacker a proposition: return 90% of the funds and keep the remaining 10%, or face potential prosecution and legal consequences. Jimbos asked the attacker to take the deal or face prosecution On May 28, the Jimbos team posted a message on the Ethereum network, stating that if 90% of the funds were returned, the attacker would not be prosecuted. Seeking a response, they later issued a second message on the same day, setting a deadline of “tomorrow by 4 PM UTC” for the return of the funds. The team emphasized that failure to comply would result in their collaboration with law enforcement agencies. Following the expiration of the deadline, the team announced…

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• Meta’s retention strategy for Threads amid user drop-off

  TL;DR Breakdown Meta’s text-based platform Threads has seen over half of its initial users leave since its launch. CEO Mark Zuckerberg considers this user drop-off normal and expects growth as more features are added to the app. Meta plans to introduce more ‘retention-driving hooks’, including integration with Instagram, to encourage user return. Description Waving a decisive goodbye to an idyllic user retention rate, Meta Platforms struggles to keep their newly introduced Twitter competitor, Threads, from becoming a ghost town. CEO Mark Zuckerberg acknowledged the swift user desertion from Threads during an internal assembly, providing insights on Meta’s game plan to navigate through this digital quagmire. A rocky start … Read more Waving a decisive goodbye to an idyllic user retention rate, Meta Platforms struggles to keep their newly introduced Twitter competitor, Threads, from becoming a ghost town. CEO Mark Zuckerberg acknowledged the swift user desertion from Threads during an internal assembly, providing insights on Meta’s game plan to navigate through this digital quagmire. A rocky start for Threads The text-based platform Threads was unveiled amidst great anticipation, boasting a roster…

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